Goldman Sachs Crypto: 17 Things to Know About the New Crypto Trading Team

Goldman Sachs (NYSE:GS) is lastly moving into the crypto enterprise with the formation of a cryptocurrency buying and selling crew.

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Here’s the whole lot traders want to learn about GS’s crypto efforts.

  • News of Goldman Sachs making a crypto buying and selling crew comes from an internal memo obtained by CNBC.
  • This memo mentions that the crew has already traded two Bitcoin (CCC:BTC-USD) derivatives.
  • This buying and selling crew is a part of the firm’s Global Currencies and (*17*) Markets division.
  • This has it below the funding banks Digital Assets agency managed by Mathew McDermott.
  • Adding to that, the crew studies immediately to Goldman Sachs associate Rajesh Venkataramani.
  • The firm additionally notes that it’s bringing in new liquidity suppliers to increase its choices.
  • However, it notes that it’s being very selective about this course of.
  • GS additionally reported the launch of its Digital Assets dashboard.
  • This supplies its shoppers with each day and intraday market knowledge and information masking cryptocurrency.
  • Another report claims that Goldman Sachs began providing the crypto derivatives to shoppers final month.
  • GS protects itself from bitcoin volatility by buying the derivatives by way of block trades by CME Group with Cumberland DRW as its associate.
  • It’s value mentioning that Goldman Sachs coming into the crypto market has been a very long time coming.
  • The firm was beforehand engaged on plans to enter the house in 2018.
  • There was additionally discuss that it was contemplating choices in the house as early as 2017.
  • Other banks are additionally contemplating crypto.
  • That consists of Goldman Sachs rival Morgan Stanley (NYSE:MS).
  • Now thatthe firm’s crypto plans are public, that may velocity alongside MS’s personal efforts.

GS inventory was up shut to 1% as of Friday afternoon and is up 39.6% since the begin of the yr.

There’s loads of different crypto information that traders ought to concentrate on at present.

That consists of headlines from main gamers in the house. Among them are Moonshot (CC:MOONSHOT-USD), Dogecoin (CCC:DOGE-USD), and Bitfarms (OTCMKTS:BFARF). Investors can be taught extra about these information matters at the hyperlinks beneath.

More Crypto News

On the date of publication, William White didn’t have (both immediately or not directly) any positions in the securities talked about on this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/goldman-sachs-crypto-17-things-to-know-about-the-new-crypto-trading-team/.

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